Question 1

A written contract under seal is also known as a(n):

Accepted Answer

A)  simple contract. 
B)  quasi contract. 
C)  specialty contract. 
D)  unenforceable contract. 
A)  simple contract. 
B)  quasi contract. 
C)  specialty contract. 
D)  unenforceable contract.

Question 2

An executed contract is one in which all terms of the agreement have been fully performed by both parties.

Accepted Answer

A) True 
 B)False

Question 3

An enforceable contract can result from an agreement that imposes a legal obligation.

Accepted Answer

A) True 
 B)False

Question 4

All contracts are agreements,but not all agreements are contracts.The PRIMARY reason is that:

Accepted Answer

A)  certain agreements cannot be enforced by law. 
B)  certain agreements cannot be licensed under law. 
C)  agreements do not fall under any classification of contracts. 
D)  terms of an agreement usually are different from those of a contract. 
A)  certain agreements cannot be enforced by law. 
B)  certain agreements cannot be licensed under law. 
C)  agreements do not fall under any classification of contracts. 
D)  terms of an agreement usually are different from those of a contract.

Question 5

An agreement that may be rejected by one of the parties for a legally acceptable reason is a(n):

Accepted Answer

A)  implied contract. 
B)  void contract. 
C)  voidable contract. 
D)  valid contract. 
A)  implied contract. 
B)  void contract. 
C)  voidable contract. 
D)  valid contract.

Question 6

A telephone conversation can result in a(n):

Accepted Answer

A)  unenforceable oral contract. 
B)  statutory contract. 
C)  contingent contract. 
D)  enforceable oral contract. 
A)  unenforceable oral contract. 
B)  statutory contract. 
C)  contingent contract. 
D)  enforceable oral contract.

Question 7

A contract that is not formal,whether it is written,oral or implied,is also known as a sealed contract.

Accepted Answer

A) True 
 B)False

Question 8

In divisible contracts,the law of sales provides that,"where the circumstances give either party to a contract for sale the right to make or demand delivery in lots,the price,if it can be apportioned,may be demanded for each lot." This is stated under the following provision of law:

Accepted Answer

A)  UCC 2-305. 
B)  UCC 2-306. 
C)  UCC 2-307. 
D)  UCC 2-308. 
A)  UCC 2-305. 
B)  UCC 2-306. 
C)  UCC 2-307. 
D)  UCC 2-308.

Exam 7: Introduction to Contracts

A written contract under seal is also known as a(n):

An executed contract is one in which all terms of the agreement have been fully performed by both parties.

An enforceable contract can result from an agreement that imposes a legal obligation.

All contracts are agreements,but not all agreements are contracts.The PRIMARY reason is that:

An agreement that may be rejected by one of the parties for a legally acceptable reason is a(n):

A telephone conversation can result in a(n):

A contract that is not formal,whether it is written,oral or implied,is also known as a sealed contract.

In divisible contracts,the law of sales provides that,"where the circumstances give either party to a contract for sale the right to make or demand delivery in lots,the price,if it can be apportioned,may be demanded for each lot." This is stated under the following provision of law:

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